Bank of America to Cut Overdraft Fees to $10 From $35

[mahatmakanejeeves]

Source: The Wall Street Journal.

MARKETS * FINANCE

Bank of America to Cut Overdraft Fees to $10 From $35

Regulators, politicians have been pressuring banks over fees; JPMorgan, Ally Financial have already announced changes

By Will Feuer
https://twitter.com/WillFOIA
[e-mail]
Updated Jan. 11, 2022 2:03 pm ET

Bank of America Corp. said Tuesday it would cut overdraft fees to $10 from $35 beginning in May, following other big banks that have rolled back or ditched such charges.

Overdraft fees, which are charged when customers don’t have enough cash in their accounts to cover their purchases, are under scrutiny by regulators and politicians who say they unfairly exploit cash-strapped families. Under the Biden administration, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have pressed banks to scale them back. In a December report, the CFPB flagged Bank of America, JPMorgan Chase & Co. and Wells Fargo & Co. for their overdraft fees.

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Read more: https://www.wsj.com/articles/bank-of-america-to-reduce-overdraft-fees-to-10-11641912259

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Bank of America said it would reduce overdraft fees to $10 from $35 beginning in May and would eliminate nonsufficient-funds fees in February, becoming the latest bank to roll back or ditch such fees

Link to tweet

Bank of America to Reduce Overdraft Fees to $10
The lender said it would reduce overdraft fees to $10 from $35 beginning in May and would eliminate nonsufficient-funds fees in February.

[AZLD4Candidate]

1. This is great, but Banksters are still evil scum of the Earth

"Yes, as through this world I've wandered
I've seen lots of funny men
Some will rob you with a six-gun
And some with a fountain pen

And as through your life you travel
Yes, as through your life you roam
You won't never see an outlaw
Drive a family from their home"

[YP_Yooper]

2. PNC did one better if you overdraft

they send you a warning and give you a day or two to get money to your account, thus avoiding a fee altogether.

[GB_RN]

3. Why The Delay?

Rhetorical question...

There's no need to wait until May. This is a simple code change that could be implemented practically immediately. The only reason to wait until May is so they can gouge people for another four and a half months.

Screw BofA. Glad I bank at a credit union.

[monkeyman1]

4. real simple! they need more money to pay attorneys!!

[cadoman]

5. maybe we should allow the working class to the same overdraft policy bankers & traders have?

i.e. however much you're short the Fed will foot the bill for as long as you need, because, you know, systemic stability or something?

[Sapient Donkey]

6. I used to always get overdraft fees back in the day

I don’t think I’ve had one in at least 10 years now. Some of it I suspect is me just being more careful, but I thought a lot of it was because banks started to change how they process things and also the thresholds for when they charge overdraft fees.

[TexasBushwhacker]

7. Chase just moves money out of my savings account to cover

the overdraft. No fees - ever.

[Farmer-Rick]

8. One thing that headline leaves out

Under pressure from regulatory agencies Bank of America reduce overdraft fees

This would never happen if someone, or a group of someones, were not putting pressure on them.

Regulatory agencies, if not captured by the the filthy rich, can keep capitalism in check...for awhile..